From the early-1980s, much of the Western world began turning to neoliberalism – a faith in free markets and smaller government. The collapse of the Soviet Union by the end of that decade confirmed neoliberalism as the dominant economic philosophy. But neoliberalism is now dead. Who killed neoliberalism and what will replace it?
It all seemed so clear back then. In 1992, Francis Fukuyama declared the end of history, with Western liberal democracy having prevailed over central planning.
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Craig Emerson is managing director of Emerson Economics. He is a distinguished fellow at the ANU, director of the Australian APEC Study Centre at RMIT and adjunct professor at Victoria University’s College of Business.
